Bill Text: NY S05853 | 2015-2016 | General Assembly | Amended
Bill Title: Relates to the funding of public transit systems.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2016-02-01 - PRINT NUMBER 5853A [S05853 Detail]
Download: New_York-2015-S05853-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5853--A 2015-2016 Regular Sessions IN SENATE June 8, 2015 ___________ Introduced by Sen. DeFRANCISCO -- read twice and ordered printed, and when printed to be committed to the Committee on Finance -- recommit- ted to the Committee on Finance in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the state finance law, in relation to the funding of public transit systems; and to repeal paragraph (c) of subdivision 5 of section 88-a of the state finance law relating thereto The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph (c) of subdivision 5 of section 88-a of the state 2 finance law is REPEALED and two new paragraphs (c) and (d) are added to 3 read as follows: 4 (c) Notwithstanding any law to the contrary, the comptroller is hereby 5 authorized and directed to transfer from the general fund for deposit 6 into the public transportation system operating assistance account, on 7 or before March thirty-first of each year, an amount equal to the 8 following: 9 (i) For the state fiscal year ending March thirty-first, two thousand 10 seventeen, fifteen million dollars; 11 (ii) In each succeeding state fiscal year, the transfer shall equal 12 the product of two hundred five million six hundred fifty-two thousand 13 one hundred dollars and one plus the growth factor. For the purposes of 14 this subparagraph, the growth factor is the percentage, if any, by which 15 the aggregate amount of revenue deposited in the metropolitan mass 16 transportation operating assistance account for the twelve month period 17 ending on December thirty-first of the immediately preceding calendar 18 year exceeds the aggregate amount of revenue deposited in the metropol- 19 itan mass transportation operating assistance account for the twelve 20 month period ending on December thirty-first, two thousand fourteen. In EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11540-04-6